Raoom cancels MoU to acquire Qassim Corrugated Box Factory

Logo of Raoom Trading Co.

Raoom Trading Co. announced that it reached today, Dec. 11, an agreement with Qassim Corrugated Box Factory Co. to cancel the non-binding memorandum of understanding (MoU) that aims to fully acquire the latter's shares.

This came after the two parties failed to reach an agreement, Raoom said in a Tadawul statement.

In March, the firm signed a non-binding MoU to fully acquire Qassim Corrugated Box Factory – wholly-owned by Al-Arifi Trading, Industry and Contracting Co. - through the issuance of new Raoom shares to the owners of Qassim Corrugated Box Factory, according to data available with Argaam.